Amigos Industries Analyzed the Relationship Between Total Factory Overhead and Changes

question 116

Multiple Choice

Amigos Industries analyzed the relationship between total factory overhead and changes in direct labor hours. It found the following: Y = $6,000 + $6X
The Y in the equation is an estimate of

• A)total variable costs.
• B)total direct labor hours.
• C)total factory overhead.
• D)total fixed costs.

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Understand the concepts and calculations related to preemptive rights and how they allow stockholders to maintain their ownership proportion in a corporation.

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Definitions:

Generally Accepted Accounting Principles

Generally Accepted Accounting Principles (GAAP) are a collection of commonly followed accounting standards and procedures for financial reporting.

Cash Basis

An accounting method where revenues and expenses are recorded only when cash is received or paid, regardless of when transactions occur.

Supplies Expense

The cost incurred from using or consuming supplies within a business operation.

Accounting Period

A specific time period at the end of which an organization prepares financial statements, commonly a year, quarter, or month.